CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) today announced it has purchased 1300 Admiral Wilson Boulevard in Camden, from Camden Gateway Properties, I, LLC. The 4-acre property includes the vacant Sears building.
“The acquisition presents a great opportunity for Campbell, the State of New Jersey and the County and City of Camden to realize the original vision for the Gateway Office Park and help attract additional development in the city,” said Richard Landers, Vice President Tax and Real Estate, Campbell Soup Company. “We’ve always believed that this parcel was critical to having a viable footprint for an office park in the Gateway District.”
The purchase of 1300 Admiral Wilson Boulevard is another step in the process of expanding the Gateway Redevelopment Plan which was announced in February 2007. Campbell will continue to be the Master Redeveloper of the office park and will work with state and local officials to attract developers and other businesses to Camden.
Since 2007, Campbell has acquired several properties adjacent to its headquarters. With the completion of this transaction, Campbell will have purchased approximately 13 acres, all of which are planned to be included in the proposed office park.
“This is great news for the City, Campbell and the region,” said Camden Mayor Dana L. Redd. “Campbell's acquisition of this property will clear the way for future development in the Gateway Neighborhood and create potential jobs in our City. My Administration will continue collaborating with Campbell as we collectively strive to move Camden forward and spur economic growth.”
Campbell plans to aggressively market the Gateway Office Park to developers and tenants, Landers indicated.
“Campbell’s commitment has been so vital to the City of Camden’s resurgence, and today’s announcement represents a significant milestone in our ongoing revitalization efforts,” said Caren Franzini, Chief Executive Officer of the New Jersey Economic Development Authority. “By turning vacant and underutilized property into productive use, we will be able to attract other companies to the city, increasing employment and overall economic activity in the area.”
The Camden Redevelopment Agency (CRA) and Campbell have received approval from both the City Planning Board and the New Jersey Department of Environmental Protection (NJDEP) to raze the long-vacant Sears building.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s” and “V8.” Through its corporate social responsibility program, the company strives to make a positive impact in the workplace, in the marketplace and in the communities in which it operates. Campbell is a member of the Standard & Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoup.com